By Frances Yue
FTX US has won the bid for Voyager Digital’s assets for about $1.4 billion, more than two months since the crypto broker filed for bankruptcy restructuring and after several attempts by FTX to buy or bail out the company.
The bid represents the fair market value of Voyager’s cryptocurrency at around $1.3 billion and “additional consideration” of about $111 million, according to a statement late Monday.
The asset purchase agreement will be presented to the court on Oct. 19, while the sale will also be subject to a creditor vote, Voyager said.
In July, Voyager filed for bankruptcy despite a bail-out attempt by Alameda Research, a trading firm founded by FTX’s chief executive Sam Bankman-Fried, with a revolving line of credit. Voyager said crypto hedge fund Three Arrows defaulted on a loan of more than $650 million to the company.
Later in the same month, FTX and Alameda Ventures proposed to buy all digital assets and crypto loans of Voyager, while the crypto broker said the offer was a “low-ball bid dressed up as a white knight rescue.”
FTX has been actively buying distressed crypto companies and assets this year, with bitcoin down almost 60% year-to-date. In July, FTX signed a deal to buy crypto lending firm BlockFi at a maximum price of $240 million, based on performance triggers, while FTX US also provided a $400 million revolving credit facility to BlockFi.